THE FRENCH consortium that operates the barrier-free tolling system on the M50 incurred a loss of €3.6 million in 2009, according to accounts filed with the Companies Office.
However, BetEire Flow said yesterday its 2009 results “took account of initial start-up costs” and were in line with expectations.
BetEire began trading in July 2007 and free-flow tolling was introduced on Dublin’s orbital route in August 2008.
The company said it would file its 2010 results shortly which would show the company had moved into profitability.
“Free-flow tolling on the M50 is operating successfully,” it said. “Growth is strong and we are registering on average 5,000 new customers every month.”
The accounts show BetEire’s turnover shot to €25.6 million in 2009, from €6.7 million the previous year. It had net liabilities of €7.2 million at December 31st, 2009.
During 2009, an average of seven managers and 78 staff were employed. Total employee costs came to €3.3 million.
The company noted it received notice of a legal action that might be taken against it in respect of an alleged breach of contract. “The directors expect that the action will be successfully defended, but if not the case, the settlement is not expected to exceed €1.5 million,” it said.
BetEire Flow is a French consortium comprising toll operator Sanef and systems designer CS.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)